Funding extremes: the most stretched perpetuals

Extreme Funding Spread Across Eight Markets

The perpetuals landscape as of 2026-06-20 presents a striking polarization in funding dynamics. Eight coins show annualized funding rates pushed to extremes, with the spread between the most bullish and most bearish positioning spanning over two thousand percentage points. SIREN leads on the long-heavy side at 1335.57%, while ALICE sits at -905.13% on the short-heavy extreme. This breadth underscores fragmented market sentiment and highly asymmetric leverage positioning across these smaller-cap derivative markets. The extreme range suggests that traders are making directionally opposed bets at historically stretched levels, each side convinced of its thesis and willing to pay substantial funding costs to maintain exposure.

The Long Crowding in SIREN and BTW

SIREN and BTW represent the two coins attracting aggressive long positioning. SIREN carries an aggregated funding rate of 1335.57%, placing it at a funding percentile of 98 over the past ninety days—a signal that this extreme is nearly unprecedented in its own recent history. Despite the elevated cost to hold longs, open interest has climbed 8.2% over the last twenty-four hours and 23.4% over seven days, indicating continued appetite for upside leverage. Open interest sits at $24.1M, a modest notional base but growing steadily.

BTW shows a less extreme but still pronounced long bias at 586.68%, with a funding percentile of 97. Its positioning metrics are considerably larger: open interest stands at $141.5M, and the seven-day growth rate is striking at +1019.1%, reflecting explosive leverage accumulation. The twenty-four-hour increase of 146.4% extends that momentum. A leverage risk score of 96 marks BTW as particularly fragile—this extreme growth combined with elevated funding suggests the long side is absorbing significant costs to maintain what may be an overcrowded position.

The Crowded Short Positioning in ALICE

ALICE presents the opposite extreme with a funding rate of -905.13%, the second-most stretched figure in this cohort. Its funding percentile of 1 indicates this condition is near the bottom of its ninety-day range, meaning shorts are being paid unusually well to hold their positions. Yet despite shorts collecting reward, open interest has surged dramatically: up 188.8% in twenty-four hours and 210.5% over seven days. This pattern—extreme negative funding combined with accelerating open interest—signals fresh short leverage entering the market at a pace that overwhelms the equilibrating effect of funding payments to shorts. A leverage risk score of 99 flags ALICE as acutely unstable, with the system nearing a critical imbalance.

The Short-Heavy Majority and Varied Conditions

The remaining five coins—H, BOBA, RE, FIDA, and SAHARA—all display negative funding rates favoring shorts, though with different intensities and market conditions. H carries a rate of -712.89%, the third-most extreme in the set, though its funding percentile of 9 shows it sits toward the lower end of its recent ninety-day distribution rather than at an all-time stretch. Open interest at $41.9M is significant, and the seven-day change of -39.5% suggests deleveraging; however, the twenty-four-hour tick up of 7.1% hints at possible stabilization or renewed short interest. Notably, a liquidation imbalance of -0.97 reveals that shorts overwhelmingly dominated the liquidation flow over the past day.

RE operates at -579.21%, with open interest of $57.9M and a funding percentile of 40, suggesting its current rate sits roughly in the middle of its recent range rather than at an extreme. The market is behaving less stretched here; nevertheless, open interest rose 55.4% in twenty-four hours, pointing to fresh leverage building on the short side. A liquidation imbalance of +0.45 indicates that longs are absorbing more liquidations, a natural outcome when shorts are adding positions aggressively.

FIDA and SAHARA show progressively less extreme short funding—at -473.21% and -352.35% respectively—with both markets shedding open interest over the week. FIDA has declined 8.5% in one day and 11.9% over seven days, while SAHARA has contracted 3.0% daily and 26.8% weekly. Both carry funding percentiles deep in the bottom decile of their recent history, and both display low leverage risk scores. These appear to be cooling markets where the short premium has not attracted sufficient new leverage to sustain growth.

Data Gaps and Market Maturity

BOBA and the seven-day metrics for RE present incomplete data, with open interest change and percentile information listed as unavailable. BOBA's open interest of $404,253 marks it as the smallest market in this cohort, and the absence of comparative metrics limits confidence in assessing its condition. These gaps highlight the fragmentation and possibly lower liquidity in these derivative venues.

The diversity of funding regimes and positioning dynamics across these eight coins reflects highly segmented market microstructure, where structural imbalances in longs versus shorts persist without rapid arbitrage correction. High leverage risk scores in ALICE and BTW underscore the fragility inherent in such stretched positioning.